法人說明會影音內容對盈餘管理之影響

Abstract

本研究主要檢視法人說明會影音內容用詞傾向對盈餘管理之影響，透過台灣資本市場2013年6月至2015年12月有公告法人說明會影音內容為分析對象，本研究發現前期盈餘管理程度會負向影響影音法說會正向用詞傾向。更進一步分析，將法說會主講者區分為公司策略制定者與執行者二種身分時，法說會正向用詞傾向與當期盈餘管理之關係，會因主講者身分不同而有顯著差異。上述研究結果在考量選擇樣本偏誤修正及採用不同的正向用詞計算方式等皆獲得一致結果。

This paper investigates whether and how the disclosure tone of video conference call affects earnings management. Research samples are collected from conference call transcripts of Taiwan public firms from June 2013 to December 2015. This study finds that firms with higher earnings management would use less optimistic tone in conference calls in the following year. Additional analyses reveal that the identity of conference call speaker incudes strategy developer and executive manager. The relationship between positive tone in video conference calls and earnings management differs significantly depending on the speaker's identity. These results are consistent after considering sample selection bias and different positive word tendency measurement.